They have the resilience to come back from early losses and account blow ups.

They focus on what really matters in trading success.

They have developed a trading method that fits their own personality.

They trade with an edge.

The harder they work at trading the luckier they get.

They do the homework to develop a methodology through researching ideas.

The principles they use in their trading models are simple.

They have mental and emotional control is key while winning or losing.

They manage the risk to avoid failure and pain.

They have the discipline to follow their trading plan.

Market wizards have confidence and independence in themselves as traders

They are good losers. (Cutting losses when proven wrong and even reversing the direction of their trades when the price action dictates it).

They are patient with winning trades and impatient with losing trades.

The fully understand the right way to position size for their goals of returns and draw downs based on their risk/reward and winning percentage.

Market wizards understand comfortable trades are usually losing trades while the more uncomfortable trades are usually the winners.

Emotions are dangerous masters to the trader, they know how to manage their own emotions.

Market wizards evolve as a trader to avoid eventually failing in a method that has lost its edge over time.

It is not the news but how the market reacts to that news is what they watch for.

The best trader are always learning through their own mistakes.

Passion for trading was the fuel for their eventual success.

By Steve Burns

After a lifelong fascination with financial markets, Steve began investing in 1993 and trading his accounts in 1995. It was love at first trade. After more than 30 successful years in the markets, Steve now dedicates his time to helping traders improve their psychology and profitability. New Trader U offers an extensive blog resource with more than 4,000 original articles, online courses, and best-selling books covering various topics.